Investors’ Chronicle: Aviva, Polymetal, Travis Perkins

Polymetal's market capitalisation has plunged almost 80 per cent - seeing it falling out of the FTSE 100 at the next rearrangement - since the invasion as investors sought to get rid of Russian holdings. Their optimism aligns with the profit figures: adjusted operating margins in the merchanting division have risen from 5 per cent to 8.4 per cent year on year. Its UK operating margin reached 6.3 per cent in 2021, higher than Liberum's 5 per cent estimate. Return on capital employed - which compares operating profit with the money invested - sits at just 4.5 per cent, up from a dismal 1.8 per cent in the previous year. Aim shares tend to be highly valued: the dividend yield on them has averaged 1 per cent a year in the past 20 years compared with 3.5 per cent on the All-Share index.

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